Circuit City files for Chapter 11 protection, will stay open

http://www.usatoday.com/money/industries/retail/2008-11-10-circuit-city-bankruptcy_N.htm

By Vinnee Tong And Michael Felberbaum, AP Business Writers

NEW YORK — Circuit City Stores (CC), the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the holiday shopping season approaches.

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The company, based in Richmond, Va., has been struggling as nervous consumers spend less and credit has become tighter, and the retail industry overall is facing what's expected to be the weakest holiday season in decades.

Circuit City also said it would cut 700 more jobs, after announcing a week ago that it would close 20% of its stores and lay off thousands of workers.

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Circuit City Stores announced a week ago it planned to close 155 of its more than 700 U.S. stores by Dec. 31. The stores are spread throughout 28 states, including multiple locations in areas like Phoenix and Atlanta. It is laying off about 17% of its domestic workforce, which could affect up to 7,300 people.


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We've *NEVER* had a good "customer service" experience there, although we
have bought several big-ticket items there throughout the years.

Tesha

Circuit City laid off all experieinced workers and gave the CEO a raise. More Republican Enron Economics. I won't ever set foot in a Circuit City again. They SUCK.